Patterson-UTI Rig Counts Continue to Slide in October

Since March MDN has been watching the active number of rigs operated by Patterson-UTI Energy as a proxy for whether or not we’ve “turned the corner” on falling rig counts in the Marcellus/Utica. Patterson is a major drilling contractor with operations in the Marcellus/Utica region. Month after the month it’s the same story: Patterson is operating less rigs in the U.S. than it was the month before. The numbers are now out for October. What do they show? We’ve hit a new low. Here’s a recap of the numbers rigs Patterson was operating in the U.S. over the past eight months: March – 142; April – 131; May – 122; June – 112; July – 111 (seemed like it was turning the corner! but it wasn’t); August – 106; September – 99; and now in October – 92. Kerplunk…